1832 Asset Management L.P. Takes $35.99 Million Position in Snowflake Inc. (NYSE:SNOW)

1832 Asset Management L.P. purchased a new position in shares of Snowflake Inc. (NYSE:SNOW) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 266,400 shares of the company’s stock, valued at approximately $35,988,000. 1832 Asset Management L.P. owned approximately 0.08% of Snowflake at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of SNOW. Accent Capital Management LLC purchased a new stake in Snowflake during the fourth quarter worth $25,000. LRI Investments LLC purchased a new stake in shares of Snowflake in the 1st quarter worth about $29,000. FinTrust Capital Advisors LLC grew its stake in Snowflake by 193.9% in the 4th quarter. FinTrust Capital Advisors LLC now owns 194 shares of the company’s stock valued at $39,000 after acquiring an additional 128 shares during the last quarter. Riverview Trust Co purchased a new position in Snowflake during the 1st quarter valued at about $31,000. Finally, Future Financial Wealth Managment LLC acquired a new position in Snowflake during the first quarter worth about $32,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Activity

In related news, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the sale, the director now owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the sale, the director now directly owns 218,246 shares in the company, valued at $23,998,330.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 558 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $61,357.68. Following the completion of the transaction, the executive vice president now owns 759,473 shares in the company, valued at approximately $83,511,651.08. The disclosure for this sale can be found here. Over the last three months, insiders sold 517,203 shares of company stock worth $63,833,373. 7.80% of the stock is currently owned by company insiders.

Snowflake Price Performance

NYSE:SNOW opened at $110.27 on Monday. The business’s 50-day moving average is $120.87 and its two-hundred day moving average is $139.36. The firm has a market capitalization of $36.96 billion, a PE ratio of -39.38 and a beta of 0.83. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $237.72.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same period in the previous year, the company posted ($0.52) EPS. Snowflake’s revenue for the quarter was up 28.9% on a year-over-year basis. Equities analysts anticipate that Snowflake Inc. will post -2.42 EPS for the current year.

Wall Street Analysts Forecast Growth

SNOW has been the topic of several research reports. Robert W. Baird lowered their price target on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 20th. The Goldman Sachs Group reiterated a “buy” rating and set a $220.00 target price on shares of Snowflake in a report on Monday, July 1st. UBS Group cut their price target on Snowflake from $171.00 to $155.00 and set a “neutral” rating for the company in a report on Monday, August 19th. DA Davidson decreased their price objective on Snowflake from $230.00 to $175.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Finally, Citigroup lowered their price target on shares of Snowflake from $236.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $176.03.

Snowflake Profile

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.